Triarch buys Broward medical campus for $21M
Medical offices have attracted a number of developers this year
December 23, 2016 02:20PMBy Sean Stewart-Muniz
The Pembroke Pines Medical Campus
Just in time for the holidays, Aventura’s Triarch Capital is giving itself the gift of a Pembroke Pines medical campus.
The real estate group just bought a four-building office complex at 400 North Hiatus Road for $21.36 million, or roughly $232 per square foot, marking Triarch’s second big-ticket office purchase this year. The seller was Colorado investor Alan Cogen.
With nearly 92,000 square feet of rentable space and a location less than a mile from Memorial Hospital West, the campus has typically catered to physicians and other healthcare companies. The buildings opened their doors in 2001 and have historically enjoyed occupancy rates hovering around 97 percent, according to a news release about the sale.
Data from the CoStar Group shows the campus has a gross asking rent of $31.82 per square foot, which is well above the market average of $26.46 per foot.
Commercial brokerage Cushman & Wakefield announced the deal Friday. The firm’s Scott O’Donnell, Greg Miller, Dominic Montazemi and Mike Davis worked on Cogen’s side of the sale.
Since being founded in 1996 by partners Daniel Halberstein, Mario Grosfeld and Jorge Linkewer, Triarch has grown its commercial investment portfolio to roughly 4.5 million square feet, according to the company’s website. Its focus is mainly retail properties anchored by grocery chains, though the firm is no stranger to warehouses or office buildings.
In March, Triarch inked one of Miami-Dade County’s biggest investment deals of 2016 with its $74 million purchase of the Doral Costa office park, which spans nearly 18 acres.
For this latest purchase, Triarch took out $13.97 million in financing from the Accordia Life and Annuity Company, according to county records.
Medical offices in particular have drawn a significant amount of interest from the real estate community this year throughout South Florida, both from investors and developers.
In Aventura, Triarch’s hometown, Integra Investments is building a health-themed, mixed-use project. And Faith Development recently launched construction of an office-condo tower being marketed toward physicians.
Source: The Real Deal